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Sunday, May 16, 2021 3:45:26 PM
It definitely helps explain things, but this all seems to contradict what O'neill said in the video where they attempted to explain this program. He said "... they only pay us when we deliver energy savings for the customer." That implies that the utility company is actually paying mCloud based on actual realized energy savings. That's very different from the info provided in those links which seems to indicate that the customers are signing up for a subscription service directly with mCloud and get paid an incentive from the utility co. to do so. It's also unclear how a 36-mo subscription fits into a 1-yr trial pd. And according to the BC Hydro link, the deadline for signing up for the trial has already passed (April 30th), so it sure doesn't seem like this will be very impactful to their growth in asset connections this year. Also, no indication about who is footing the bill for the installations. Doesn't seem like a good deal for mCloud if they are covering the installation costs and then only getting a 1-yr trial sub instead of 3 years.
I tried looking at the websites for some of the large utility co's in Cali, but couldn't find any programs involving mCloud. However, it does seem that at least some of these utility co's have the capability to implement Automated Demand Response systems directly with customers without a 3rd party. I guess mCloud will try to differentiate itself with the IAQ, remote access and monitoring capabilities.
If I'm being honest, nothing I read made me very optimistic about this program. Who knows, maybe for the first time as an investor with mCloud something will actually exceed my expectations rather than Qtr after Qtr of false promises and major disappointment.
I also find it funny that there appears to be direct competition for subscription services in this space when I've heard McMeekin say in presentations that their biggest competition is "doing nothing". LOL.
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